But Mr Swan says to "compare those two circumstances is simply to compare chalk and cheese".

"To compare this level of interest rates and the circumstances of the Australian economy now to what they were at the height of the global financial crisis is just utterly irresponsible," he said.

In a brief press conference held after the Reserve Bank decision was announced, Mr Swan said "these rates are possible because the Government has had in place a responsible fiscal policy over the past five-and-a-half to six years".

"Back then when rates were at that level, the dollar was 60 [US] cents," he said.

"It sits today at around $1.02 and $1.03 - that level of the dollar at that sustained high level is one of the factors that reflects our economic strength vis-à-vis the rest of the world, but brings with it challenges in our domestic economy."

But Opposition Treasury spokesman Joe Hockey says the Reserve Bank has had to step in because the Government and the budget are "in chaos".

"Wayne Swan says the economy is doing just fine; if that's the case the Reserve Bank wouldn't be cutting interest rates today," he said.

"They are cutting interest rates because the economy is under-performing."